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"A late rebound in oil prices helped Saudi Arabia's stock market close higher on Wednesday while most other Gulf bourses were lower. Real estate shares helped to lift Egypt's market.

Stocks around the region fell early on after purchasing managers' surveys gave fresh evidence that economies are slowing. Growth in Saudi Arabia's non-oil private sector fell to its lowest level in January since the survey began in August 2009, while growth in the United Arab Emirates dropped to a 46-month low, and activity in Egypt shrank for a fourth month.

But Brent crude, which has been closely correlated to the Saudi stock index this year, bounced above $33 a barrel in the afternoon, helping the index close 0.9 percent higher."

"The Saudi Arabian stock market was mixed in early trade on Wednesday as gains in many second- and third-tier speculative stocks offset another fall in petrochemical blue chip Saudi Basic Industries (SABIC) . Egypt's bourse moved in a narrow range.

The Saudi stock index was down 0.3 percent after 45 minutes of trade but gainers outnumbered losers 79 to 64.

SABIC dropped 1.1 percent after another slide of oil prices, bringing its losses in the past three days to 6.4 percent. Al Tayyar Travel sank 5.5 percent."

While the country’s fiscal deficits have widened as the collapse in oil prices drives government revenue lower, Fitch said that a mix of subsidy reforms, drawdowns on reserves and government-related entity deposits, and new local debt issuance mean that the shortfall is manageable.

Fitch also said that the issue ratings on Abu Dhabi’s senior unsecured foreign currency bonds have been affirmed at AA."

"Nigeria’s bid for concessionary loans from the World Bank and African Development Bank is just the latest example of the havoc wreaked on oil-producing nations by the slump in crude prices.
From Saudi Arabia to Venezuela, governments are abandoning largess and risking political unrest with measures that include lowering energy subsidies and cuts to public-sector wages. With prices still falling, attempts to diversify from oil have taken on greater urgency.
“A decade of abundance has been brought to an end by the worst terms of trade shock in a generation," said Simon Williams, chief economist for central and eastern Europe, the Middle East and North Africa at HSBC Holdings Plc in London. “There’s no painless means to adjust to the losses they face, or easy way to reduce their structural dependence on oil.""

"A measure of growth in Saudi Arabia’s non-oil economy fell to a record low as cheap crude weighs on the world’s largest oil exporter.
The Emirates NBD Purchasing Managers’ Index for Saudi Arabia dropped to 53.9 in January, the lowest in the six-and-a-half year history of the survey, driven by slower expansion in new business. The United Arab Emirates PMI also showed a loss in growth momentum, slipping to 52.7 in January, a 46-month low. A reading above 50 still indicates expansion.
Egypt’s PMI contracted for a fourth month, to 48 from 48.2 in December."

"Barclays Plc will dismiss about 150 staff in Dubai as it restructures its Middle East corporate banking business, a person with knowledge of the matter said.
The bank will close its offices at Emaar Square and relocate bankers and support staff to its office at Dubai International Financial Centre, said the person, asking not to be identified because the dismissals aren’t public. Barclays will keep its corporate branch in Abu Dhabi and wholesale banking license with U.A.E. Central Bank, the person said.
Barclays Plc Chief Executive Officer Jes Staley plans to eliminate 1,200 jobs worldwide and shut securities operations across Asia, people with knowledge of the matter said last month. The former JPMorgan Chase & Co. banker has also imposed a hiring freeze and is restructuring the wealth-management business to shore up earnings growth, people familiar have said."